Saving/Applying for a mortgage 2015/16/17/18/19

Anyone know how the bank would react to going for approval alone and then going again for it as a couple?

Essentially I would like go alone (for a few reasons) but properties I like are just too much for the 3.5x salary so thinking of going for joint approval with my gf. We would plan on moving in together in the house regardless of sole or joint mortgage.

Ideally I'd like both approvals so that if I could get something alone I'd go for that or if I couldn't I'd go joint. Now we have never lived together and aren't married but would the bank still be inclined to decline the mortgage alone if I tired to go back to it after showing my hand so to speak and also going for a joint one?

I will definitely go for approval alone initially just to see if I would get approval in the first place.

mirrorwall14

Azalea Screeching Padding wrote: »

Anyone know how the bank would react to going for approval alone and then going again for it as a couple?

Essentially I would like go alone (for a few reasons) but properties I like are just too much for the 3.5x salary so thinking of going for joint approval with my gf. We would plan on moving in together in the house regardless of sole or joint mortgage.

Ideally I'd like both approvals so that if I could get something alone I'd go for that or if I couldn't I'd go joint. Now we have never lived together and aren't married but would the bank still be inclined to decline the mortgage alone if I tired to go back to it after showing my hand so to speak and also going for a joint one?

I will definitely go for approval alone initially just to see if I would get approval in the first place.

Getting a mortgage on your own and moving in with your girlfriend does not mean you keep all rights to the house unless you get a lot of paperwork done by a good solicitor and your girlfriend is paying rent. Otherwise she will accrue rights to the house regardless of who is paying the mortgage etc.

I would be very very cautious of both moving into a property owned by one of you when you don't refer to them as a partner and have never lived together. It could get very messy.

Why not rent first together at least?

SB_Part2

KBC came back to me and told me that they wouldn't mortgage the house I went sale agreed on. Told me to "find something else". I've never experienced such unprofessional carry on from anyone.

Going through a broker now.

So disheartened.

athtrasna

SB_Part2 wrote: »

KBC came back to me and told me that they wouldn't mortgage the house I went sale agreed on. Told me to "find something else". I've never experienced such unprofessional carry on from anyone.

Going through a broker now.

So disheartened.

Did they say why?

SB_Part2

athtrasna wrote: »

Did they say why?

They've determined from the valuation report that the house isn't habitable even though it says nothing of the sort. It wasn't even their own valuation report, it was one I got myself and sent it in with the application to help speed things up.

It says "house is in poor condition in need of modernisation and decoration to include: rewiring, plastering and new bathroom."

My father (and myself) own a construction company so anything needed to be done to fix the house would be done at cost. I had a quotation done up for the work that'd be done to cover the faults listed in the valuation report and she said "the underwriters think it would cost a lot more than that". I asked how much they thought it would cost "they don't know". My point then was if they don't know how much it would cost to do it up how do they know the costings I provided weren't enough.

The girl I was deadling with just took an instant dislike to myself and my partner. My partner works for the public service and she refused to accept his payslips as "they look like you printed them off yourself".

She also demanded to know why there was a withdrawal from one of the bank accounts that was actually a lodgement. I didn't have high hopes when she made such a simple mistake.

Uriel.

SB_Part2 wrote: »

They've determined from the valuation report that the house isn't habitable even though it says nothing of the sort. It wasn't even their own valuation report, it was one I got myself and sent it in with the application to help speed things up.

It says "house is in poor condition in need of modernisation and decoration to include: rewiring, plastering and new bathroom."

My father (and myself) own a construction company so anything needed to be done to fix the house would be done at cost. I had a quotation done up for the work that'd be done to cover the faults listed in the valuation report and she said "the underwriters think it would cost a lot more than that". I asked how much they thought it would cost "they don't know. My point then was if they don't know how much it would cost to do it up how do they know the costings I provided weren't enough.

The girl I was deadling with just took an instant dislike to myself and my partner. My partner works for the public service and she refused to accept his payslips as "they look like you printed them off yourself".

She also demanded to know why there was a withdrawal from one of the bank accounts that was actually a lodgement. I didn't have high hopes when she made such a simple mistake.

Was it a valuation or a survey you had done?
Banks typically wouldn't take a valuation, save from their own approved valuers.

SB_Part2

Valuation. In hindsight I shouldn't have sent it.

mirrorwall14

mirrorwall14 wrote: »

Getting a mortgage on your own and moving in with your girlfriend does not mean you keep all rights to the house unless you get a lot of paperwork done by a good solicitor and your girlfriend is paying rent. Otherwise she will accrue rights to the house regardless of who is paying the mortgage etc.

Rights to the property is not the reason for buying alone, in any case you need to co-habit for 5 years before that becomes an issue which is the reason I pointed out we hadn't lived together. She already owns a house which makes it much more complicated and messy going for a dual mortgage where as I am a first time buyer.

Mortgage costs would be shared regardless of ownership.

mirrorwall14 wrote: »

I would be very very cautious of both moving into a property owned by one of you when you don't refer to them as a partner and have never lived together. It could get very messy.

Why not rent first together at least?

I will either move into her house or I/we will buy another house to live in. We would prefer to live in a different location to where her house is though hence why I'm not just moving there. I don't like the term partner so I don't use it, I'd often associate it with people against getting married (its a generalisation I know) which I am very much not but I'd rather have a house sorted before that.

I have absolutely no interest in renting, its a massive waste of money and with house prices rising I want to get something bought before they get worse, this will just be a first house not the place I settle. The buying and not having lived together doesn't bother me in the slightest, a number of my friends have gotten married recently having never lived together until after the honeymoon and a few others bought as their first time living together also so its a normal for me for people to buy/get married after never living together before.

Anyway most of the above is irrelevant to the question I asked.

Del007

SB_Part2 wrote: »

KBC came back to me and told me that they wouldn't mortgage the house I went sale agreed on. Told me to "find something else". I've never experienced such unprofessional carry on from anyone.

Going through a broker now.

So disheartened.

KBC in Cork are an absolute joke. They refused me due to me working 11 month contracts. Then my work circumstances changed and I enformed them with a letter from work. That was 2 weeks ago, they won't return my calls or emails. It's totally unprofessional

Santy2015

Just got a copy of our contracts of sale from our solicitor that the developer sent her. My fiancées name isn't on them and my surname is spelt wrongly. Will this affect it or can they amend it?

Rew

Santy2015 wrote: »

Just got a copy of our contracts of sale from our solicitor that the developer sent her. My fiancées name isn't on them and my surname is spelt wrongly. Will this affect it or can they amend it?

Your solicitor and theirs will go back and forth with changes till there is an agreed copy that you sign. Just point out the issues to your solicitor.

Jet Black

SB_Part2 wrote: »

It says "house is in poor condition in need of modernisation and decoration to include: rewiring, plastering and new bathroom."

The house I'm buying is described the same as this. The bank didn't refuse a mortgage but instead will issue the funds minus a holdback of €5000. This will then be returned once the house all works needed are complete.

SB_Part2

Jet Black wrote: »

The house I'm buying is described the same as this. The bank didn't refuse a mortgage but instead will issue the funds minus a holdback of €5000. This will then be returned once the house all works needed are complete.

Can you let me know what bank this is? That's what I had expected tbh.

How does this work btw? They withhold 5k so do you have to foot the 5k to pay for the house?

Jet Black

SB_Part2 wrote: »

Can you let me know what bank this is? That's what I had expected tbh.

How does this work btw? They withhold 5k so do you have to foot the 5k to pay for the house?

It's with Bank of Ireland. Yes I had to pay 5k, then once I've the house complete someone will come to inspect it and release the rest.

mirrorwall14

Azalea Screeching Padding wrote: »

Rights to the property is not the reason for buying alone, in any case you need to co-habit for 5 years before that becomes an issue which is the reason I pointed out we hadn't lived together. She already owns a house which makes it much more complicated and messy going for a dual mortgage where as I am a first time buyer.

Mortgage costs would be shared regardless of ownership.



I will either move into her house or I/we will buy another house to live in. We would prefer to live in a different location to where her house is though hence why I'm not just moving there. I don't like the term partner so I don't use it, I'd often associate it with people against getting married (its a generalisation I know) which I am very much not but I'd rather have a house sorted before that.

I have absolutely no interest in renting, its a massive waste of money and with house prices rising I want to get something bought before they get worse, this will just be a first house not the place I settle. The buying and not having lived together doesn't bother me in the slightest, a number of my friends have gotten married recently having never lived together until after the honeymoon and a few others bought as their first time living together also so its a normal for me for people to buy/get married after never living together before.

Anyway most of the above is irrelevant to the question I asked.

The bank will/should mind because if you plan on moving in with your girlfriend then she will accrue rights to the house (even if it is in your name) if she is paying the mortgage with you as afar as I'm aware. I'll leave it at that. Im not a legal expert and you seem annoyed with me.


On topic for me, just been approved by EBS for the amount we looked for and a deposit expemption. Delighted

Utah

mirrorwall14 wrote: »

On topic for me, just been approved by EBS for the amount we looked for and a deposit expemption. Delighted

Our advisor mentioned we'd be eligible for an exemption for more than the 3.5 limit, we'd prefer the deposit exemption. This means you don't need the full 20% for anything after 220k, yes? Did you have to ask for that?
Congrats!

mirrorwall14

Utah wrote: »

Our advisor mentioned we'd be eligible for an exemption for more than the 3.5 limit, we'd prefer the deposit exemption. This means you don't need the full 20% for anything after 220k, yes? Did you have to ask for that?
Congrats!

Yeah we requested this because we don't have enough savings under the 20% beyond 220 rule. I got the impression from the mortgage guy they won't grant it if you have the full deposit saved anyways and just want to keep funds. we applied way within the Limit for our joint application but deposit doesn't match up without an expemption

Naid23

Started the process yesterday - meeting booked with our broker for next week. Have our deposit saved and all the paper work ready to go so fingers crossed it will all go smoothly and we can start looking.

mirrorwall14

Naid23 wrote: »

Started the process yesterday - meeting booked with our broker for next week. Have our deposit saved and all the paper work ready to go so fingers crossed it will all go smoothly and we can start looking.

Just a hint, we were actually able to provide everything digitally to both EBS and our broker. Google drive folder makes it very easy to keep track of things

Naid23

mirrorwall14 wrote: »

Just a hint, we were actually able to provide everything digitally to both EBS and our broker. Google drive folder makes it very easy to keep track of things

Never thought of that. Thats great thank you.

Rew

Its very handy, I keep a google driver folder of everything to for mortgage and solicitor. For solicitor I kept a folder of received and sent docs. We did the digital application with AIB, their system is awful but the idea is good. Keep all the originals in a folder as the bank and solicitor may ask for some of these at a later date.

Hollister11

A house around the corner from me has gone sale agreed, just 2 weeks after being put on the market.

SarahMollie

mirrorwall14 wrote: »

The bank will/should mind because if you plan on moving in with your girlfriend then she will accrue rights to the house (even if it is in your name) if she is paying the mortgage with you as afar as I'm aware. I'll leave it at that. Im not a legal expert and you seem annoyed with me.

I own my own place and my BF lives with me. We rented together for just over 1 year before I completed on where we currently live, and we've now been in that property for 6 months.

The law states that a cohabiting partner may make a claim to partial ownership of the property after 5 years (once there are no children involved. If there are, it falls to 2 years). So in my case, he has no claim against me for another 3.5 years.
Also, this is only the legal opportunity to make a claim. There is no guarantee that a claim would be successful. Also, if he tried to come after my assets, I could also come after his. I just don't see this as realistic in our relationship because even thought I technically have a property, we both probably have a similar net worth.

He pays me *rent* of €500 pm and we half the bills. this offsets about half my mortgage and management fees. This is well below the market rate so its a good deal for both of us.

For example, friends of ours just rented a rather unspectacular 2bed apartment not too far away for €1650 pm, and we're living in a 3bed duplex (circa 103sqm) with a big terrace. So buying just made sense for me (I'd the savings and permanent job) but my BF was contracting (albeit quite lucratively). He's recently started a permanent job, so our plan is to buy together again in maybe 3-5 years, but we're very comfortable where we are for now.

If we're not married in the next 3.5 years, I'll eat my hat.

I bought in the knowledge once we're married, it'll be half his anyway, but sure we'll be looking to buy again by that point.

mirrorwall14

SarahMollie wrote: »

I own my own place and my BF lives with me. We rented together for just over 1 year before I completed on where we currently live, and we've now been in that property for 6 months.

The law states that a cohabiting partner may make a claim to partial ownership of the property after 5 years (once there are no children involved. If there are, it falls to 2 years). So in my case, he has no claim against me for another 3.5 years.
Also, this is only the legal opportunity to make a claim. There is no guarantee that a claim would be successful. Also, if he tried to come after my assets, I could also come after his. I just don't see this as realistic in our relationship because even thought I technically have a property, we both probably have a similar net worth.

He pays me *rent* of €500 pm and we half the bills. this offsets about half my mortgage and management fees. This is well below the market rate so its a good deal for both of us.

For example, friends of ours just rented a rather unspectacular 2bed apartment not too far away for €1650 pm, and we're living in a 3bed duplex (circa 103sqm) with a big terrace. So buying just made sense for me (I'd the savings and permanent job) but my BF was contracting (albeit quite lucratively). He's recently started a permanent job, so our plan is to buy together again in maybe 3-5 years, but we're very comfortable where we are for now.

If we're not married in the next 3.5 years, I'll eat my hat.

I bought in the knowledge once we're married, it'll be half his anyway, but sure we'll be looking to buy again by that point.

The rent bit is what I meant would be really important but the OP said share the mortgage costs. I would want legal advice on that one, if they have paid towards the cost of the mortgage for four years, can they come back for it?

SarahMollie

mirrorwall14 wrote: »

The rent bit is what I meant would be really important but the OP said share the mortgage costs. I would want legal advice on that one, if they have paid towards the cost of the mortgage for four years, can they come back for it?

I did get legal advice. And the above is the decision I came to and reasons why it works in my circumstance.

You can ask your partner to sign away their rights but the law in this area is recent and relatively untested. My solicitor advised to have the best chance of it being binding both parties have to have separate independent legal representation, so that the non home owner can't claim to have unaware.

I chose not to go this route because i felt it may create a weird dynamic with both of us having separate legal council and negotiating for the end of our relationship. Further, I'd be trying to prevent a problem that wouldnt arise for a further 4 years (at the time) and I just didnt feel it was the right thing to do. As I said above, I was confident that within that 4 year period, my relationship would either have gone the distance or not, and if not then I'm protected anyway.

I also think its important that my mortgage is lower than market rent, so even if my BF were trying to claim money back from me, I can then argue that he had a good deal by living with me, and that renting (which is his other alternative) would have cost him more.

mirrorwall14

mirrorwall14 wrote: »

The bank will/should mind because if you plan on moving in with your girlfriend then she will accrue rights to the house (even if it is in your name) if she is paying the mortgage with you as afar as I'm aware. I'll leave it at that. Im not a legal expert and you seem annoyed with me.


On topic for me, just been approved by EBS for the amount we looked for and a deposit expemption. Delighted

Not annoyed at all just a lot of points you made weren't relevant to the question, I wasn't looking for advice on weather or not I should buy with a gf I was looking to know if a bank are willing to offer a single applicant mortgage to an unmarried person who has never cohabited after they find out the intention is to co-habit in the house regardless if it's a joint or sole applicant.

As I said I will gi for approval alone initially and if I can't see anything in my price range I'll go in again for a joint approval it's unlikely I'd want to fall back on the sole approval anyway but I would be interested to hear if anyone has done something like this.

mollybird

hey naid we are roughly in the same spot as you. just got the deposit together yesterday but will have in our ac in a few days. (got it from shares my husband sold) now we want to put a spread sheet together and be able to see what money then needs to go to x,y and z.

once we have all that done am i right in saying that we go and decide if we go with a broker or certain bank? And any idea what is the best way to choose one or if anyone would have any recommendations on one i would really appreciate it.

Naid23

mollybird wrote: »

hey naid we are roughly in the same spot as you. just got the deposit together yesterday but will have in our ac in a few days. (got it from shares my husband sold) now we want to put a spread sheet together and be able to see what money then needs to go to x,y and z.

once we have all that done am i right in saying that we go and decide if we go with a broker or certain bank? And any idea what is the best way to choose one or if anyone would have any recommendations on one i would really appreciate it.

Yeah as far as i know its personal preference whether you got with a broker or go down to each individual bank. I orignally just googled brokers in dublin and couldnt find one that would meet after hours etc so when the pension guy came into my job for meetings one day i asked him and turns out they do mortgages and willing to meet anytime which is a great help as my boyfriends job is on there end of year accounts so working crazy hours and time off is limited.

We've spoken to the mortgage guy a couple of times over the phone and he seems very positive and as we found out, he got mortgages for a couple of people in my boyfriends job so they've all spoken highly of him so fingers crossed. I can pm you the company name is you wanna have a look. these guys are based in dublin. Let me know,

mollybird

Naid23 wrote: »

Yeah as far as i know its personal preference whether you got with a broker or go down to each individual bank. I orignally just googled brokers in dublin and couldnt find one that would meet after hours etc so when the pension guy came into my job for meetings one day i asked him and turns out they do mortgages and willing to meet anytime which is a great help as my boyfriends job is on there end of year accounts so working crazy hours and time off is limited.

We've spoken to the mortgage guy a couple of times over the phone and he seems very positive and as we found out, he got mortgages for a couple of people in my boyfriends job so they've all spoken highly of him so fingers crossed. I can pm you the company name is you wanna have a look. these guys are based in dublin. Let me know,

that would be great. my husband works mad hours too so it might help us with an out of normal hours service.

MarkAnthony

mollybird wrote: »

that would be great. my husband works mad hours too so it might help us with an out of normal hours service.

It's worth making time for the little things like life long investments. That aside a broker should only really be used if the situation is complicated. Some banks (may only be one or two - but are they offering a better rate?) don't deal with brokers. Once you have your paperwork together it really is very simple to apply.

Like everything though if you prefer to pay someone (directly or indirectly) to provide a service it's personal preference.